The New Zealand dollar consolidates as the RBNZ raises its interest rates by 50 basis points. The struggle to clear the supply area around 0.6200 suggests that the sell side still has a firm grip on the direction. The RSI dipped again into the oversold zone and prompted short-term sellers to take some chips off the table. 0.6080 is the next support and its breach could bring the kiwi to the psychological level of 0.6000. On the upside, the bulls will need to lift resistance at 0.6200 before they could turn the mood around.
